Derivative Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Derivative Instruments and Fair Value Measurements [Abstract]

Schedule of Total Notional Amounts of the Company's Derivative Instruments [Table Text Block]


(millions)		2011		2010
Foreign currency exchange contracts	$	1,265	$	1,075
Interest rate contracts		600		1,900
Commodity contracts		175		379
Total	$	2,040	$	3,354

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Table Text Block]

The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of December 31, 2011 and January 1, 2011:


			Level 1				Level 2				Total
(millions)			2011		2010		2011		2010		2011		2010

Derivatives designated as hedging instruments:

Assets:
Foreign currency exchange contracts:
	Other current assets	$	-	$	-	$	11	$	7	$	11	$	7
Interest rate contracts:
	Other current assets		-		-		-		5		-		5
	Other assets		-		-		23		69		23		69
Commodity contracts:
	Other current assets		2		23		-		-		2		23
Total assets		$	2	$	23	$	34	$	81	$	36	$	104

Liabilities:
Foreign currency exchange contracts:
	Other current liabilities	$	-	$	-	$	(18)	$	(27)	$	(18)	$	(27)
Commodity contracts:
	Other current liabilities		(4)		-		(12)		(10)		(16)		(10)
	Other liabilities		-		-		(34)		(29)		(34)		(29)
Total liabilities		$	(4)	$	-	$	(64)	$	(66)	$	(68)	$	(66)

The fair value of non designated hedging instruments as of December 31, 2011 and January 1, 2011 was immaterial.

Schedule of the Effect of Derivative Instruments on the Consolidated Statement of Income [Table Text Block]

The effect of derivative instruments on the Consolidated Statement of Income for the years ended December 31, 2011 and January 1, 2011 were as follows:


											Location of gain		Gain (loss)
											(loss) recognized		recognized in
Derivatives in fair value hedging relationships (millions)											in income		income (a)
													2011		2010

Foreign currency exchange contracts											Other income (expense), net		($12)		($51)

Interest rate contracts											Interest expense	$	(1)	$	-
Total												$	(13)	$	(51)
(a)	Includes the ineffective portion and amount excluded from effectiveness testing.


						Location of gain		Gain (loss)			Location of gain
Derivatives in cash flow hedging			Gain (loss)			(loss) reclassified		reclassified from			(loss) recognized		Gain (loss)
relationships (millions)			recognized in AOCI			from AOCI		AOCI into income			in income (a)		recognized in income(a)
			2011		2010			2011		2010			2011		2010

Foreign currency exchange contracts		$	-	$	(19)	COGS	$	(3)	$	(25)	Other income (expense), net	$	(2)	$	(1)
Foreign currency exchange contracts			1		-	SGA expense		-		(1)	Other income (expense), net		-		-
Interest rate contracts			(15)		67	Interest expense		4		(4)	N/A		-		-
Commodity contracts			(37)		3	COGS		1		(4)	Other income (expense), net		-		(1)
Total		$	(51)	$	51		$	2	$	(34)		$	(2)	$	(2)
(a)	Includes the ineffective portion and amount excluded from effectiveness testing.
During the next 12 months, the Company expects $8 million of net deferred losses reported in AOCI at December 31, 2011 to be reclassified to income, assuming market rates remain constant through contract maturities.



Derivatives in net investment													Gain (loss)
hedging relationships (millions)													recognized in AOCI
													2011		2010

Foreign currency exchange contracts												$	6	$	-
Total												$	6	$	-


											Location of gain		Gain (loss)
											(loss) recognized		recognized in
Derivatives not designated as hedging instruments (millions)											in income		income
													2011		2010

Foreign currency exchange contracts											Other income (expense), net	$	(1)	$	0
Interest rate contracts											Interest expense	$	(1)	$	-
Total												$	(2)	$	-

Schedule of Assets Measured on a Non-Recurring Basis [Table Text Block]

The following table presents assets that were measured at fair value on the Consolidated Balance Sheet on a nonrecurring basis as of January 1, 2011:

(millions)		Fair Value		Level 3		Total Loss
Description:
Long-lived assets	$	10	$	10	$	(9)
Goodwill		-		-		(20)
Total	$	10	$	10	$	(29)

Schedule of Fair Value of Long-term Debt [Table Text Block]


(millions)		Fair Value		Carrying Value
Current maturities of long-term debt	$	778	$	761
Long-term debt		5,893		5,037
Total	$	6,671	$	5,798

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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